Morning News Call - India, September 25

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FACTORS TO WATCH
9:15 am: Capacit’e Infraprojects lists on stock exchanges in Mumbai.
10:00 am: Prataap Snacks IPO subscription continues in Mumbai.
11:00 am: Mahanagar Gas annual general meeting in Mumbai.
2:00 pm: Government to release first advance production estimates of major
food grains in New Delhi.
LIVECHAT - NEW ZEALAND ELECTION
With expectations of the election ending up with a coalition government,
attention turns to who would be the kingmaker and how would that shift the
country's politics. Nick Tuffley from ASB Bank will discuss the election result
from an economist's perspective at 9:00 am IST. To join the conversation, click
on the link: here
INDIA TOP NEWS
• SBI Life's $1.3 billion IPO, India's biggest in 7 years, draws strong
demand
SBI Life Insurance Co Ltd's initial public offering to raise 84 billion
rupees, India's biggest IPO in seven years, was subscribed more than 3.5 times
on the closing day, strengthening the outlook for share sales in what is
expected to be a record year.
• Thyssenkrupp to set up working group with unions over Tata Steel merger
Thyssenkrupp AG is to set up a joint working group of board members and
labour representatives to help implement the plan to merge with Tata Steel, it
said in a statement published on Sunday after a supervisory board meeting.
• Amazon affiliate to buy $27.6 million stake in retailer Shoppers Stop
An affiliate of Amazon.com Inc has agreed to buy a 1.79 billion-rupee stake
in Indian retailer Shoppers Stop Ltd, the Indian company said in a filing.
• India's drug prices regulator calls for better oversight of private
hospitals
India's drug pricing authority called for better regulation of the country's
massive private healthcare industry on Friday to ensure government efforts to
cut prices benefit patients.
• Arun Jaitley pledges to find resources to support debt-laden banks
India will make efforts to find resources to support debt-laden banks to
help them fund economic growth, Finance Minister Arun Jaitley told a meeting of
bankers on Friday.
• India eases foreign investment rules for corporate debt
The Reserve Bank of India on Friday eased rules governing foreign investment
in corporate bonds by excluding rupee-denominated securities from its overall
debt limit.
• Steel ministry criticises SAIL as shortage hits railway upgrade
The Indian government has criticised state-run Steel Authority of India for
its failure to supply rails to Indian Railways, according to a letter seen by
Reuters.
GLOBAL TOP NEWS
• Merkel hangs on to power but bleeds support to surging far right
German Chancellor Angela Merkel won a fourth term in office on Sunday but
Europe's most powerful leader will have to govern with a far less stable
coalition in a fractured parliament after her conservatives haemorrhaged support
to a surging far right.
• Japan's Abe expected to announce snap poll amid worries over North Korea
crisis
Japanese Prime Minister Shinzo Abe is expected today to announce a snap
election for next month to take advantage of improved ratings and opposition
disarray, despite criticism that he is creating a political vacuum amid worries
over North Korea.
• Trump slaps travel restrictions on North Korea, Venezuela in expanded ban
U.S. President Donald Trump on Sunday slapped new travel restrictions on
citizens from North Korea, Venezuela and Chad, expanding the list of countries
covered by his original travel bans that have been derided by critics and
challenged in court.
LOCAL MARKETS OUTLOOK
(As reported by NewsRise)
• The SGX Nifty Futures were trading at 9,980.00, trading flat 0.04 percent
from its previous close.
• Indian government bonds are likely to edge lower in early session ahead of
a heavy supply of notes this week. Geopolitical concerns surrounding North Korea
would also damp demand for emerging market assets, traders said. The yield on
the benchmark 6.79 percent bond maturing in 2027 is likely to trade in a 6.65
percent-6.70 percent band.
• The Indian rupee will likely open lower against the dollar, tracking mixed
cues from the regional markets after German Chancellor Angela Merkel won a
fourth term, but will have to govern a less stable coalition.
GLOBAL MARKETS
• The S&P 500 closed slightly higher on Friday even though Apple was a drag,
as worries about Washington's latest healthcare legislation proposal eased and
investors shrugged off concerns about North Korea.
• The euro slipped after German Chancellor Angela Merkel won a fourth term
in a weekend election, but faced leading a much less stable coalition in a
fractured parliament as support for the far-right party surged.
• U.S. Treasury prices gained on Friday on global concerns about North Korea
after it said it might test a hydrogen bomb over the Pacific Ocean, and as
investors closed positions before the weekend.
• Oil prices stood little changed, keeping most of their gains from the
previous session to hold near their highest levels in months, as major producers
meeting in Vienna said the market was well on its way towards rebalancing.
• Gold prices eased, after registering a second consecutive weekly fall last
week, as the U.S. dollar firmed and as the euro edged lower on political
uncertainty in Germany.
CLOSE FII INVESTMENTS EQUITIES DEBT
PNDF spot 64.85/64.88 September 22 -$191.70 mln -$46 mln
10-yr bond yield 6.95 pct Month-to-date -$924.20 mln $509.25 mln
Year-to-date $6.08 bln $23.65 bln
For additional data:
India govt bond market volumes
Stock market reports
Non-deliverable forwards data
Corporate debt stories [IN CORPD]
Local market closing/intraday levels [IN SNAPSHOT]
Monthly inflows [INFLOWS RTRS TABLE IN]
($1 = 64.7900 Indian rupees)
(Samrhitha Arunasalam)